Xero on its way to more than a pure accounting play!, page-40

This is still one of the most overpriced companies on the market. Even if it reaches its goal of 1 million customers in the next couple of years its remains overpriced at a $2.9b market cap. Lets say each Xero customer earns them on average $1k per annum (extremely bullish as their current premium package is $90pm and they have about 5 options below that). That still brings their top line to only $1b per annum. How many businesses are valued at 3 times their annual turnover, let alone this one which is currently valued at 30 times its annual turnover. Not to mention the fact they're years away from paying a dividend or even recording a profit. I will not be buying any time soon.